PROGRAM SUMMARY
The Economic Development Agency (EDA) has a program called the First Time Home Buyer (FTHB) program which provides down payment and closing cost assistance that will allow qualified families to purchase a home.
What is the First Time Home Buyer Down Payment Assistance Program (FTHB)?
The Riverside County FTHB Program is designed to provide assistance to lower income persons in the purchase of their first home. Assistance may be provided for the downpayment in the purchase of a home. The amount of assistance available depends upon the buyer’s qualifications and the price of the home. In general, a buyer may only receive what they need, up to 20 % of the purchase price of the home.
What is the First Time Home Buyer Closing Cost Assistance Program?
The Riverside County FTHB Program is designed to provide closing cost assistance to lower income persons in the purchase of their first home. Assistance may be provided for the closing costs associated with the purchase of a home. The amount of assistance available depends upon the buyer’s qualifications and the price of the home. In general, a buyer may only receive what they need, up to a maximum of six percent (6%) of the purchase price or $10,000, whichever is greater.
PROGRAM DETAILS
Income Restrictions:
|
Maximum Annual Household Income Adjusted for Family Size Effective February 14, 2008 |
|
|
Household Size |
Maximum Annual Income |
|
1 |
$37,300 |
|
2 |
$42,650 |
|
3 |
$47,950 |
|
4 |
$53,300 |
|
5 |
$57,550 |
|
6 |
$61,850 |
|
7 |
$66,100 |
|
8 |
$70,350 |
Payments / Recapture: No payments due you sell or refinance to take cash out. Loan is converted to a grant after 15 years and no repayment is required.
Eligible Properties: The FTHB program may be used to purchase any new or resale home that is: (1) permanently fixed to a permanent foundation, (2) has a minimum of two bedrooms, and (3) is currently occupied by the Seller or vacant (tenant occupied homes are not eligible).
Homes with in-ground pools or spas are not eligible. The home must be in sound condition and meet the Housing Quality Standard as determined by EDA. The purchaser must reside in the home as his or her principal residence within sixty (60) days of purchase and the home shall not be used as a business nor as a vacation (second) home.
Eligible Cities / Areas: (1) all unincorporated areas of Riverside County, such as Cabazon, Glen Avon, Jurupa, Highgrove, Mira Loma, Mead Valley, Mecca, Menifee, North Shore, Nuevo, Pedley, Quail Valley, Romoland, Rubidoux, Sun City, Thermal, Thousand Palms, Valle Vista, Wildomar or (2) within the City Limits of the following jurisdictions: Banning, Beaumont, Blythe, Canyon Lake, Cathedral City, Desert Hot Springs, Indio, Lake Elsinore, La Quinta, Murrieta, Norco, Perris, San Jacinto, and Temecula.
Ineligible Cities / Areas: Calimesa, Coachella, Corona, Hemet, Indian Wells, Moreno Valley, Palm Desert, Palm Springs, Rancho Mirage, and the city limits of Riverside
Complete Program Guidelines: Down Payment Assistance Guidelines - PDF
HOME BUYER COMMENTS: If you are a home buyer that has experience with any of these programs. Please post comments for the benefit of other First Time Home Buyers.
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{ 8 comments… read them below or add one }
I heard about the assistance program for downpayment and closing on tv but i can not find the application can you help me please
Hi Michelle,
You can submit your inquiry here for more information about this program. If funding has been approved for 2008 we can get you started in the right direction!
On the upper left hand corner click the link that says “Custom DPA Program Finder”.
This will give us enough information to research this program or others that you may qualify for.
Does the house have to have a stove, dishwasher & refriderator? What if it doesnt
Thank you for your question. Appliances are not a requirement of the lender. If there is any construction or damage to the home you could have challenges getting a loan. Give me a call if you have any questions! 714-336-8286
hello, im nervous about getting into buying a home but i have a stable job and so does my wife. we have a couple 1,000 saved and i caught a glimpse of this site and you’ve helped me realize how much help is availabe. we’re ready for a home and i dont know where to start. looking for the best suitable loan i suppose. right?
Hi Mario,
You’re right to be nervous. There is a lot of really bad news in out there right now. The good news is yes, there are programs to help you get into a home, but more importantly, we will not let you buy a home unless you show that you can afford it.
Stay clear of short term loans with ‘teaser’ rates – stick with a 30 year fixed mortgage and do not over extend yourself.
There is an incredible program from the State of California that you can buy in Riverside County with no money down and 5.5% on a 30 year fixed.
Good luck with your search and congratulation for getting into this incredible market.
Is there still Down Payment Assistance available in Riverside County? My wife and I are looking to move to Riverside county, we have stable income, but no extra funds to come up with a down payment. Is there any help available today?
Hi Trent,
We will do some research and see what’s available still – is there a specific City you’re looking in?